US Markets Brace for More Brexit Fallout - WAOW - Newsline 9, Wausau News, Weather, Sports

US Markets Brace for More Brexit Fallout


(ABC) -- U.S. stock market futures were down slightly ahead of Monday's opening bell, as the investors braced for more potential fallout from Britain's vote to withdraw from the European Union last week.

Earlier this morning, U.K. Treasury Chief George Osborne sought to ease the global markets, saying the U.K. economy is firmly positioned to face the challenges ahead. He stressed that Britain's economy was in a stronger position than it was at the start of the 2008 financial crisis.

"Growth has been robust. Employment rate is at a record high. The capital requirements for banks are ten times what they were and the budget deficit has been brought down from 11 percent of our national income and was forecast to be below 3 percent this year," Osborne said. "I said we had to fix the roof so that we were prepared for whatever the future held and thank goodness we did. As a result our economy is about as strong as it could be to confront the challenge our country now faces."

Early this morning, the British pound fell more than 2 percent and the euro continued its decline against the U.S. dollar.

British Prime Minister David Cameron, who announced his resignation after the so-called Brexit vote, held an emergency cabinet meeting today to discuss plans in the wake of the vote.

U.S. Secretary of State John Kerry is expected to visit Brussels and London to address the fallout.

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